Consensys announces a 20% layoff of employees; CEO harshly criticized: forced by SEC!

According to a tweet released by Joseph Lubin, founder and CEO of MetaMask developer Consensys, the company announced that it will lay off 20% (over 160) of its employees, covering all departments of the company. Joseph Lubin attributed the layoffs to headwinds in the macroeconomic environment and legal expenses resulting from lengthy legal disputes between the company and regulatory agencies.

The multiple SEC cases, including ours, represent the loss of meaningful jobs and productive investments due to the abuse of power by the US Securities and Exchange Commission (SEC) and Congress' inability to address the issue. Such attacks from the US government will ultimately cost many companies millions of dollars

Joseph Lubin's remarks echo the dilemma faced by the cryptocurrency industry, namely that the SEC has malicious intent in establishing clear regulatory pathways for digital asset companies. The head of the agency, Gary Gensler, stated that the current laws of the SEC are clear and has filed lawsuits against several major companies in the cryptocurrency industry, including Consensys, for alleged violations of securities laws.

Looking ahead, Joseph Lubin stated that Consensys will accelerate the push for decentralization and will soon release a specific announcement to demonstrate the company's commitment to the decentralized vision.